The Basics of Business Insurance
A business insurance policy for your company protects all of the hard work and money
you put into it, and that insurance protects the people who work hard for you. If
you fall on rough times or want to protect your profits in good times, then understanding
the different types of business insurance policies available to you will benefit
Protect Your Business Property with Insurance
There's a lot more to your company than the money you make. You have to consider,
and often acquire business insurance for, your company's property, the people who
come into that property, and the possibility of having to temporarily shut down
business due to a natural disaster.
When seeking insurance quotes, make sure you ask about business property insurance
to protect all of your workplace property. This type of insurance is very similar
to home insurance and protects both your property and your business equipment in
case of a natural disaster or other accident. That same natural disaster might also
cause a temporary interruption in your work. A separate insurance policy, known
as business interruption insurance, covers financial losses you may experience at
Furthermore, you need to have coverage for your own liability. A general liability
insurance policy protects you in case someone other than yourself or your employees
is injured while on your business property.
Protect Your Employees and Yourself
If you have people working for you at your company's site, there are some additional
types of business insurance you need to consider. The most obvious is worker's compensation,
and it covers your liability for any injuries an employee suffers while working.
Other types of insurance that you will need to consider for yourself and your employees
include health insurance, disability insurance, and life insurance.
Comprehensive Business Insurance Plans
With so many different types of business insurance policies, you may be wondering
if there's one insurance plan that covers a variety of policies. A business owner's
policy, also known as a BOP, combines several of the policies into one. You'll need
to check with an agent to see how much they cost and if your business is eligible
for this type of business insurance plan. When getting a business owner's policy,
make sure you understand what is and isn't covered, and what additional insurance
coverage you may need.
There are many things to consider when starting or running a business, but don't
let insurance fall to the side because you are too busy to deal with it. A business
insurance policy protects you, your property, and your employees.